Crude Oil Market By Type (Very Light Oil, Light Oil, Medium Oil, Heavy Fuel Oil) , By Composition (Hydrocarbon Compounds, Non-Hydrocarbon Compounds, Inorganic Salts, Others) By Extraction Process (Conventional, Unconventional) By End Use (Transportation, Industrial, Residential, Commercial, Power Generation) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Crude Oil Market
The crude oil market was valued at $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033, growing at a CAGR of 1.5% from 2024 to 2033.
Crude oil is a naturally occurring liquid petroleum that is a mixture of several volatile hydrocarbons. The composition of crude oil comprises 82-87% carbon by weight and 12-15% hydrogen by weight. Crude oil is extracted from the geological formations present below the surface of Earth and is produced due to heating and compression of organic materials for long durations. Crude oil is refined to convert it into usable forms such as jet fuel and gasoline.
With increasing urbanization and industrialization, the demand for energy has surged globally, hence driving the growth of the crude oil market. In addition, the rapidly expanding automotive industry is rising the demand for crude oil as most of the vehicles across the globe rely on petroleum-based fuels for their operations. Currently, the deployment of AI and the Internet of Things technology into the processes associated with crude oil is trending in the market. These technologies are facilitating production efficiency, enabling remote monitoring of mining sites, and providing data-based analysis for quick & reliable decision-making. The integration of ingenious technologies is expected to enhance the safety of workers associated with crude-oil extraction.
However, the growth of the market remains highly dependent on economic conditions and geopolitical situations of countries. This leads to uncertainty in the market. Furthermore, rise in awareness pertaining to the hazardous climatic impact of burning crude oil-based fuels is reducing the demand for crude oil, hampering the market development. Despite the hindrances, the crude oil market is poised for several lucrative growth opportunities in the future due to constantly growing demand. According to the International Energy Agency, by 2028, the global demand for crude oil is expected to rise by 6% and is estimated to reach 105.7 million barrels per day owing to strong support from petrochemical and aviation sectors.
Segment ReviewThe crude oil market is segmented into type, composition, extraction process, end use, and region. On the basis of type, the market is divided into very light oil, light oil, medium oil, and heavy fuel oil. As per composition, it is classified into hydrocarbon compounds, non-hydrocarbon compounds, inorganic salts, and others. Depending on extraction process, it is bifurcated into conventional and unconventional. As per end use, it is categorized into transportation, industrial, residential, commercial, and power generation. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the medium oil segment held the highest market share in 2023.
As per composition, the hydrocarbon compounds segment acquired a high stake in the market in 2023.
Depending on extraction process, the conventional segment accounted for a high market share in 2023.
As per end use, the transportation segment was the highest shareholder in 2023
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global crude oil market include Saudi Arabian Oil Co., National Iranian Oil Company (NIOC), Exxon Mobil Corporation, China National Petroleum Corporation, bp p.l.c., Royal Dutch Shell, Chevron Corporation, KUWAIT PETROLEUM CORPORATION, TotalEnergies, and Petrobras. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeVery Light Oil
Light Oil
Medium Oil
Heavy Fuel Oil
By CompositionHydrocarbon Compounds
Non-Hydrocarbon Compounds
Inorganic Salts
Others
By Extraction ProcessConventional
Unconventional
By End UseTransportation
Industrial
Residential
Commercial
Power Generation
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market Players
Saudi Arabian Oil Co.
National Iranian Oil Company (NIOC)
Exxon Mobil Corporation
China National Petroleum Corporation
bp p.l.c.
Royal Dutch Shell
Chevron Corporation
KUWAIT PETROLEUM CORPORATION
TotalEnergies
Petrobras